Where to sell scrap GOLD?

Where to sell scrap GOLD?
See more about gold and silver

If you want to sell your scrap gold quickly then you should probably try to sell to a local jeweller. Prices for this vary so the offer may not be that great so it’s best to check the gold prices before selling. Do you want an offer of £100 for a £1000 piece of jewellery?

Another way to sell your scrap gold quickly and to get a better price too is to use one of the online dealers. You need to take care with this one as well. You will be posting gold to someone you haven’t probably met and may not even be able to visit. Check them out first.

Always use recorded delivery, no matter who you think you are dealing with.

If you don't need to sell your scrap gold right away then you could always put it into an online auction like eBay. Online auctions always seem to realise a fair price, so long as you describe what you have accurately, including an accurate weight after extra fitments and stones have been removed.

How Much Will I Get for My Scrap Gold?

This is covered in a little more detail here but in general you will find that good dealers will offer you between 80% and 95% of the intrinsic value of the scrap gold. The dealers will have to melt it down and possibly rework it so 100% return on your scrap gold is unlikely.

An indication of the value of your scrap gold can be made by reading how to value your scrap gold.

How to Refine Gold in your Home

How to Refine Gold
See more about gold and silver
Refining gold in the manner shown here requires the use of some strong acids. So make sure you have everything ready before proceeding. You will need plenty of space and either do this outdoors or in a well ventilated room.





Safety equipment:
Rubber gloves
Safety Goggles
Rubber apron

Mixing vessels and Equipment:
Plastic buckets
Stirring rods (wood or plastic)
Filter

Chemicals:
Nitric acid
Storm gold precipitant
Urea
Aqua ammonia
Precious metal detection liquid

Water

1. To start with your container needs to big enough. You can work the volume out with the calculation 1 ounce of gold needs a volume of 300 millilitres. So for 2 ounces of gold = 600 millilitres of volume and so on.

You have 2 oz of Gold? Wow!

Next for every ounce of gold you need to add 30 millilitres of Nitric acid. This needs to sit at rest for 30 minutes minimum.

2. When this time is up its time to add some hydrochloric or muriatic acid to the mix. For every ounce of gold in the receptacle you should add 120 ml of the acid. The mix in place will eventually change to a brown colour and become very hot.

You should wait at least an hour before filtering the acid. On the other hand you could just leave this overnight for the process to work.
      
3. Using your filter pour the mix into another container. The acid should turn to a clear green colour. If it appears to go cloudy you should filter the mixture again.

4.  Boil a quart of water and add 1lb of urea and slowly add this water to the acid.
Urea is used to adjust the pH level and will cause the acid to expand as foam.
If you add this too quickly it will overflow the container and take some of your gold with it.

When the acid stops foaming it will have reached the correct pH balance to stop the nitric acid but leaves the hydrochloric acid in place.

5. taking another quart of boiled water this time add an ounce of storm precipitant.
For each ounce of gold in the container add 1 oz storm precipitant.  This should be done slowly to prevent overflow.

The acid will begin to change back to a muddy colour and small particles of gold should be starting to form. You should wait another 30 minutes before adding precious metal detection liquid. This will detect if there is any undisolved gold left in the water.

6. Filter this into another container you will find that the grotty mud left at the base is the refined gold you have been after. Remove the acid and then add water to the gold.
The gold should be rinsed at least 3 times.

Finally pour aqua ammonia over the rinsed gold. This will cause some whitish vapour to appear rinse this once more and allow the now complete refined gold to dry.

The 5 types of scrap gold to look for?

See more about gold and silver

The 5 types of scrap gold to look for?

1. Ornament or antique gold:
 + side: Large ornament objects may contain more gold.
There is a good chance that the craftsmen made pieces or the gold’s own rarity have a higher value than its current gold scrap value.
You might get lucky here as sometimes small objects are of a high karat and can be overlooked as to their antique value.

-side: Is that ornament really gold or is it plate?  Check the hallmarks carefully using a hallmark guide and magnifier before making a purchase if possible.
Is the item solid gold? This will need to be checked as ornaments often have lower value metal used to weight them. Check the bases of larger objects to see how much precious metal is really there.

2. Gold Flake:
+side: Large amounts of gold flake are readily available. People who use gold in crafts keep the shavings and spares for re use. It can also be sold as scrap gold at a later date.

-side: Gold flake can often be of mixed Karat value. Unless you can be sure of the purity of this, the final scrap gold value will be an average of its purity lowering its resale value.

3. Coins:
+side: A gold coin in sovereign is valued for at least spot price. There is always some for sale. An antique gold coin can have a large value in terms of return. Coins are very easy to store or display.

-side: Know your subject and this could be the ideal way to invest in scrap gold. If you don’t know then you could end up losing if you don’t research the numanistic value properly.

4. CPU Chips:
+side: There is a lot of old computers about. The gold used in the CPU chips of computers contains an amount of gold that can be extracted and re sold for its scrap gold rate. There is very little cost involved in doing this.

-side:  It’s possible to do this your self but it uses some nasty acids. If you can find a way round this problem and many have, you will also need a large supply of computer chips.

5. Jewellery:
 +side: Lots of it about and can be bought at any agreed price. Easy to store or display. This is probably the easiest form of collecting scrap gold. Many bargains can be found.

-side: be sure to check the hallmarks properly. This is probably the easiest method of collecting and reusing scrap gold. You can start by looking probably for things like wedding bands without stones as these are easy to categorize and value.

How to value scrap Gold?

See more about gold and silver

This is a process to value scrap gold for purchase price estimation or for resale value.

You should be able to get 95% of the current spot value price for scrap gold.

At the time of writing gold is valued over 1000 dollars for one troy ounce of 24 Karat gold.

What is a Karat when referring to gold?

Simply put a karat is the purity or amount of gold by the mass of the metal.

24 Karat = 100% purity of gold.

22 Karat = 91.6% purity of gold.

18 Karat = 75% purity of gold.

14 Karat = 58.5% purity of gold.

10 Karat = 41.7% purity of gold.

1 troy ounce is 31.1034768 grams.

Below 10 karat is not acceptable for sale as scrap gold in usual circumstances.

Finding the current spot price of your Scrap Gold.

Many online calculators do this free and are east to find by searching for online spot gold price calculator.

Many will allow you to change weight, Karat and denomination on the fly giving you an up to date price at any time. With this information to hand you are ready to buy and sell scrap gold now!

Where to find scrap gold?

Scrap gold is any gold item regardless of size or functionality. Usually it is gold that for whatever reason is not being used any more. The only useful function left for the precious metal is to be melted down and remade into other gold objects.

After you have looked through your house and scoured the attic, where do you look next for some gold to add to your collection? Below are a few suggestions that may help you find some places to look for scrap gold and perhaps collect a little yourself.

The place you first notice gold in large amounts is probably the local jewellers. You could try asking if they had any scrap gold they would sell you. Unless you want to be disappointed it’s probably best not to this.

When you buy gold from jewellers you are usually paying for gold that has been worked. You are paying for the work to make the object, the gold itself and the mark-up made for selling the gold. This makes the price expensive and of little use as an investment.

A better idea is to try asking people. Be straight about what you want it for and  offer a price and see if it leads to a deal. You might be surprised at how many people are prepared to trade this way especially when prices of gold are currently running high.

Get advice from online forums, blog posts and search engines there is some great advice shared on this subject as well as some links to great deals available.

On the subject of online scrap gold dealing eBay can be a great place to buy scrap gold with new deals every day you can buy collections of scrap gold by Karat. Gold is an investment so a good price on gold today may go up a lot in value over a year.

Car boots, garage sales, jumble sales, antique fairs and markets can also be great sources. You just have to keep your eyes open and research your subject properly.

No one can predict the future accurately but buying gold at a good price will always be a good investment.

If you learn the fundamentals of buying scrap gold you will eventually gain enough knowledge to have an almost intuitive grasp of the subject. Just keep your eyes open and treasure will appear!

See more about gold and silver

What is scrap gold?

See more about gold and silver

That piece of gold chain that broke, an inherited piece of unfashionable or broken jewellery, an old coin or just a bit of thoughtless jewellery you though was junk may all have a resalable value.

This type of gold is known as scrap gold. Scrap gold is any gold item regardless of size or functionality. The only useful function left for the precious metal is to be melted down and remade into other gold objects.

Recycled gold is not a new idea, in fact throughout history conquered nations would have to give up their own gold and offer it to their new masters. This would then be refined and re-formed to add to their new ruler’s wealth. This is one meaning of the term “the spoils of war”

Scrap gold has a value because it is cheaper to melt and then refine used gold than the huge costs involved in the process of mining and getting it out of the earth.
As there is a relatively small amount of gold on the earth so by collecting scrap gold you are recycling the metal and are able to earn a small income from re selling it.

With the value of Gold so high there has never been a better time to start collecting and trading Scrap Gold.